[1][2] Beginning on February 6, 1845, Hespeler made a series of purchases of land on the west bank of the Speed River northeast of Preston, near a small settlement called New Hope, further removed from competition with the Erbs.

He greatly enlarged the existing dam on the Speed, and within the next five years erected a gristmill, a sawmill, a cooperage, and a distillery.

He also built stone lodgings for single men working in his buildings, and made significant donations to both the local Catholic and Lutheran churches.

In 1861 Hespeler ran for election to the 7th Parliament of the Province of Canada as the Conservative candidate for South Waterloo, but was defeated by the Liberal James Cowan.

His daughter Laura married John Walker, a prominent industrialist who served as a member of the House of Commons.